UK HOUSING THREAD: Flats

[Anonymous No.30228874]

Tell me all I need to know before buying a flat in London.

What are the things I need to get right so I don't get fucked over? I feel as if buying a flat is generally a terrible idea compared to a house however I am young and a nice flat would not be too terrible. I am just bluepilled on things like ground rent and realise developers somehow make money for life. On the other hand, a pristine asset such as a 3 bedroom flat in Kensington is undeniably better than a shitty terrace in Kent, so I need to get clever very quickly on this subject of flats.

[Anonymous No.30228920]

Is a flat ever a good purchase or is it always to be avoided?

[Anonymous No.30229011]

why would you buy in London? shithole

[Anonymous No.30229177]

>>30229011
Girls and Jobs

[Anonymous No.30229604]

>>30228874
DING DONG BING BONG.

[Anonymous No.30229652]

>>30229177
idiot

[Anonymous No.30229689]

>>30229177
Slags and slavery

[Anonymous No.30230000]

>>30228874
Post salary and deposit and it'll tell you if its even worth you looking?

[Anonymous No.30230062]

>>30229011

[Anonymous No.30230115]

I stayed in Wembley for a couple of days when I was working with a touring band, never seen a white person the entire time.
Also, who the fuck calls their burger place Wimpy?

[Anonymous No.30230202]

Buying a flat in London is retarded. Just invest what would have been your deposit into stocks, and rent luxury apartments instead.

[Anonymous No.30230448]

Anon's it's a good investment right?

Buying a new build 295k flat with 90k deposit and 30% HTB. 23,664p/a after tax. Based in South London, area's average price is up 40k since last year.

Surely If stay on for 5 years, sell before I have to pay too much interest during year 6. Price will go up and I'll make a profit? Right?

[Anonymous No.30230625]

>>30230448
The doomsdayer above you had probably been talking about a market crash for the last 15 years. Personally I'd avoid new builds, but that's more personal pref and a gut feel that they're less likely to hold value than a converted Victorian or whatever.

[Anonymous No.30230712]

new builds are incredibly crap, even renting ones from 10 years ago they're fucking falling apart.

[Anonymous No.30230756]

>>30230115
don't be poor. you must be rich to live in london, or you're better off elsewhere

i live near st james park, it is delightful.

[Anonymous No.30230824]

>>30229177
fucking degenerate retard. get fucked faggot.

[Anonymous No.30230987]

>>30230824
Shutup faggot, where do you suggest? Cardiff ? There's no jobs and only sheep around. Fucking mongrel.

[Anonymous No.30230994]

>>30228874
Section 20 major works, service charges etc, all used to line the pockets of the management companies, enjoy being raped for waiting to own a lease. It is a terrible idea, you're right.

[Anonymous No.30231122]

You get charged for all the damages on the entire flat from broken windows to lifts. I heard someone got charged £20000 because the whole block was getting building works done.

[Anonymous No.30231235]

>>30228874
Is this a Deano thread?

[Anonymous No.30231299]

>>30229177
ngmi

[Anonymous No.30231364]

all economists, and most people in finance *know* that government policies marketed as 'helping first time buyers' do nothing but increase prices. Rishi and the treasury know it.

Why is nobody called out on this blatant lying to the electorate?

[Anonymous No.30231369]

If it ain't freehold then get the fuck out of my face

[Anonymous No.30231373]

>>30231122
This, I had a lucky escape from similar. Freehold is ownership, leasehold is signing up to be a sucker. Always freehold, never leasehold.

[Anonymous No.30231434]

>>30230202
this. there's a huge glut of apartments now, estimated that upto 10% of the population has left london due to covid, rents have decreased alot, esp. at the higher end.

[Anonymous No.30231461]

tfw 190k TC with 130k savings and still can't afford to buy something not shit in London

[Anonymous No.30231473]

>>30230448
24k p/a mortgage payment, then add another 3k+ p/a for service charges.

In comparison, 90k in stocks would be making 9k p/a passive income on average. That means you are throwing away 3000 per month total to live in a flat worth 295k, which is not going to be in a good part of the city for that price. For 3000 per month renting you can be in prime Central London.

[Anonymous No.30231580]

>>30229177
I live in London and you're a dumb cunt

[Anonymous No.30231581]

>>30231364

[Anonymous No.30231914]

>>30230987
loads of jobs in cardiff
work for hmrc

[Anonymous No.30231957]

I fucked my landlords daughter

[Anonymous No.30232114]

>>30230202
Actually not a bad shout but I only have 120k liquid, that's not enough to rent anything even with 7% a year interest. Any advice on how to approach this tactic of investing in the market and then renting? I like it.

[Anonymous No.30232748]

Borrow as much as possible on a mortgage and get a government help-to-buy equity loan for 40% of the value of the property.

In the five years during which the equity loan is interest free, staircase as much as possible (ideally at least half of it).

Buying in London is good because the rental market is strong and prices will generally go up because of limited space in London, fuck the housing doomers .

Just be careful about ground rent/ service charge and perform due diligence.

[Anonymous No.30232842]

>>30231581
Thanks and more

[Anonymous No.30232873]

>>30232748
Not buying your bags anon

[Anonymous No.30233189]

>>30228920
Lease hold is honestly very fucking gay

[Anonymous No.30233264]

>>30231957
I hope you used a deposit protection scheme

[Anonymous No.30233286]

>>30229177
more like mental illness & air pollution. also if you have kids it's shown children raised in cities have lower IQs, also why the fuck would you want to find a woman in the city

[Anonymous No.30233295]

>>30228874
FUCK KIKES FUCK NIGGERS FUCK JANNIES
https:// discord gg/sSZf8aMAfk

[Anonymous No.30233361]

>>30233286
>also why the fuck would you want to find a woman in the city
Most people are trying to escape the city.

[Anonymous No.30233364]

>>30233286
source: your arse

[Anonymous No.30233695]

>>30232748
What's staircase?

Do you know how to do what the other anon said and invest and use the interest to pay rent?

[Anonymous No.30234043]

>>30228874
In the UK we call London: niggerland

[Anonymous No.30234594]

>>30228874
>>30232748
The hard-working Pakistani earns enough from his shop to pay cash.

[Anonymous No.30234931]

>>30229177
>Jobs
yes
>Girls
lol

[Anonymous No.30235003]

>>30230202
why do you keep saying to rent "luxury apartments" in every thread? tell me how much you are spending on these "luxury apartments" please

[Anonymous No.30235171]

Leveraged long London property here. Renting one flat out to a pajeet who works at goldies and another to some russian chick. Just need that chink and arab money to keep my bags pumped.

[Anonymous No.30235280]

>>30233695
>Do you know how to do what the other anon said and invest and use the interest to pay rent?
just read what that retard said
he said you would make 9k per year on stocks, which would somehow give you an extra 3k per month to rent a luxury apartment. he's fucking retarded and his maths doesnt work out at all

[Anonymous No.30235361]

>>30235003
Jealous low income poorfag

[Anonymous No.30235433]

pray daily that this hideous house of cards that is destroying the real economy of this country implodes

parasitical landlords and BTL-moguls will be wiped out, and *nothing* of value will be lost

[Anonymous No.30235479]

>>30231364
can someone explain is spastic terms how schemes to help first time buyers actually fuck over first time buyers? or atleast where I can read about it somewhere else

[Anonymous No.30235513]

>>30235361
im an investment banker

[Anonymous No.30235698]

>>30228874
Reject modernity and Deanovile.
Embrace a trad life in the countryside where you can live off your modest gains.

[Anonymous No.30235704]

>>30228874
Rent in London, do not buy. You can get pretty nice luxury apartments right now for cheap (cheap if you're on a good salary, so it's relative) and stuff the rest into good investments. Buy in a few years when the economy inevitably tanks and people need to free up equity to survive

[Anonymous No.30235978]

>>30235513
>>30235704
Kek, I'm a different anon and just read this thread after posting my two cents, but fully agree with that poster. I 10 mins from Canary Wharf is some swanky apartments, nice studio flat (that's 500sqft, huge balcony, fully integrated kitchen, rainfall shower and two gyms on-site). £1200 per month. Yes, people will think 'haha i pay less on my mortgage for my 4 bed detached mansion in stockport', but these brainlets do not understand that us big boys can afford to pay these prices and be directly in the heart of the financial capital of the world. My crypto alone has paid off my entire yearly rent + bills, and living alone is far better than renting with others during lockdown. Also, can't live with parents and fuck living in some shitty house for the same price in the south.

[Anonymous No.30236095]

>>30235479
>government gives young people money they can only spend on houses (Help to buy ISA for example)
>more young people can 'afford' houses, or can afford to spend slightly more
>demand for houses at a given price-point increases
>property owners raise prices to meet this higher level of demand
>young people end up paying higher prices, those that made use of H2B ISA have little/no benefit, young buyers that buy without H2B ISA actively suffer, sellers profit...

this inflationary effect then trickles up the market as the people that sold their H2B-eligible home now can spend slightly more on their next (larger) house etc. etc. etc.

the following policies are all demand-side subsidies on housing and follow similar logic to the above:
>H2B ISA
>H2B equity loan
>stamp duty exemption
>stamp duty holiday
>Lifetime ISA
>govt. backed 5% mortgages

[Anonymous No.30236099]

>>30235978
>10 mins from Canary Wharf is some swanky apartments, nice studio flat (that's 500sqft, huge balcony, fully integrated kitchen, rainfall shower and two gyms on-site). £1200 per month
please tell me where you are finding these because i cant find any that fit this description for that price on rightmove

[Anonymous No.30236249]

>>30229177
>Girls
those are men.

[Anonymous No.30236801]

>>30236095
okay that makes sense. is there any way to not feel the effects of this as hard? Is it just make sure you have an H2B ISA and bend over?

it really feels like the housing market in the UK is impossible to break into. the whole reason I got into investing is to help me buy property

[Anonymous No.30236930]

>>30235978
>£1200 per month
Fuck off and prove it, that's Milton Keynes prices not Canary Wharf

[Anonymous No.30236947]

>>30236801
not really... i'd say the best you can do is as you say (make use of these policies as much as you can... because whilst they are terrible for us, they're even worse if we don't make use of them), and avoid property in London & SE because it's already pumped

[Anonymous No.30237189]

>>30236930
Literally just go on rightmove and look. You can get some nice places for £1000-1500, especially now during the plandemic when everyone's leaving. If you have a couple of mates too you can rent a three bedroom for 4 grand a month and those can be really damn nice.

[Anonymous No.30237258]

>>30237189
piece of shit reply to me and show me where you can get a luxury apartment for £1200 per month

[Anonymous No.30238189]

>>30236947
thanks anon